Clients
Keystate Advisory serves 80 clients, 58 of them banking or thrift institutions. The average client has about $207 million with the firm.
- Banking or thrift institutions58 clients99%
- Insurance companies22 clients1%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Banking or thrift institutions | 58 | $16,497,221,500 | 99.4% | $284.4M |
| Insurance companies | 22 | $97,562,093 | 0.6% | $4.43M |
| Total | 80 | $16,594,783,593 | 100% | $207.4M |
- Clients
- 58
- Regulatory AUM
- $16,497,221,500
- Share
- 99.4%
- Avg. per client
- $284.4M
- Clients
- 22
- Regulatory AUM
- $97,562,093
- Share
- 0.6%
- Avg. per client
- $4.43M
Total
- Clients
- 80
- Regulatory AUM
- $16,594,783,593
- Share
- 100%
- Avg. per client
- $207.4M
What it does
Keystate Advisory provides portfolio management for institutions. It is paid through a percentage of assets and fixed fees.
Keystate Advisory advises no private funds.
68.1% of assets ($11.31B across 65 accounts) are managed with discretion; $5.29B across 15 accounts are not. 0% of clients are outside the U.S., and 80 clients received advice without assets under management last fiscal year.
What the accounts hold
- Bonds98%
- U.S. government and agency bonds49%
- State and local bonds48%
- Investment grade corporate bonds1%
- Cash2%
Custodians
Keystate Advisory’s client accounts are held mainly at Principal Financial Group, with 52% of managed assets, and Bankers' Bank, with 37%. Keystate Advisory does not have custody of client assets.
- Bankers' BankBankers' Bank · Madison, WI · $6.16B37%
- Principal Financial GroupPrincipal Financial Group · Wauwatosa, WI · $8.63B52%
- All other custodians$1.80B11%
Ownership and leadership
Keystate Holdings, LLC owns 75% or more of Keystate Advisory.
- Owns 75% or more of Keystate Advisory, LLC
Keystate Holdings, LLC
Control person · since October 2011
- Owns 75% or more of Keystate Holdings, LLC
JNM Holdings, Inc.
Control person · since October 2011
- Owns 50% to 75% of JNM Holdings, Inc.
JCM CT Holdings, LLC
Control person · since June 2021
- Owns 75% or more of JCM CT Holdings, LLC
Joshua C. Miller 1996 Irrevocable Trust - Complex, Joshua C. Miller Trustee
Control person · since December 2020
- Owns 75% or more of Joshua C. Miller 1996 Irrevocable Trust - Complex, Joshua C. Miller Trustee
Joshua Miller
Control person · since January 1996
- Owns 50% to 75% of JNM Holdings, Inc.
NRM CT Holdings, LLC
Control person · since May 2021
- Owns 75% or more of NRM CT Holdings, LLC
Nicholas R. Miller 1996 Irrevocable Trust - Complex, Nicholas R. Miller, Trustee
Control person · since December 2020
- Owns 75% or more of Nicholas R. Miller 1996 Irrevocable Trust - Complex, Nicholas R. Miller, Trustee
Nicholas Miller
Control person · since January 1996
Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee
Controlling shareholder · since October 2011
- Owns 75% or more of Susan J. Miller 1996 Irrevocable Trust, Monte L. Miller, Trustee
Monte Miller
Control person · since December 1996
Leadership
- Ivan FarrisSenior Vice President
- Larry WoodExecutive Vice President
- Gayle EspinosaChief Financial Officer
- Brian AmendChief Operating Officer
- Joshua MillerChief Compliance Officer & CEO
- Monte MillerExecutive Chairman
Staff
- 8 employees
- 8 in advisory functions
- 8 state-registered reps
- 1 soliciting firm
Fees
Keystate Advisory is paid through a percentage of assets under management and fixed fees (other than subscription fees).
Keystate Advisory’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Keystate Advisory has 1 office, with 2 listed addresses across 2 states.
Delaware · 1 listed address
- 919 N. Market Street, Wilmington
Nevada · 1 listed address
- 3883 Howard Hughes Pkwy, Suite 500, Las VegasHQ
Registration details
- Legal name
- Keystate Advisory, LLC
- Headquarters
- 3883 Howard Hughes Pkwy, Suite 500, Las Vegas, NV 89169
- Phone
- 702-598-3738
- SEC file
- 801-72123
- Structure
- Nevada LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Keystate Advisory have?
Keystate Advisory has 80 clients and manages $16.6 billion for them, as of March 2026. They include 58 banking or thrift institutions and 22 insurance companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026
What services does Keystate Advisory offer?
Keystate Advisory provides portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Keystate Advisory use?
Keystate Advisory’s separately managed account assets are held at Principal Financial Group (Wauwatosa, WI), with $8,631,718,305 and Bankers' Bank (Madison, WI), with $6,163,077,258. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 March 2026
How many financial advisors does Keystate Advisory have?
Keystate Advisory has 8 investment adviser representatives registered with state securities authorities, out of 8 employees, and 8 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Keystate Advisory invest in?
At the end of its last fiscal year, Keystate Advisory’s separately managed accounts held 49% U.S. government and agency bonds, 48% state and local bonds, 2% cash and equivalents and 1% investment grade corporate bonds. It advises no private funds of its own.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Keystate Advisory?
Keystate Advisory is owned through a chain of holding companies by Monte Miller, Joshua Miller and Nicholas Miller. Its direct owner is Keystate Holdings, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 24 March 2026
How does Keystate Advisory get paid?
Keystate Advisory is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file